MBIA agreed to insure a $1.16 billion pool of mortgages without its employees reading a report the bond insurer now claims was altered to hide flaws in the loans, JPMorgan Chases lawyers told a judge.
Lawyers for JPMorgan asked New York Supreme Court Justice Alan D. Scheinkman in White Plains to throw out MBIAs lawsuit accusing the banks Bear Stearns unit of inducing the insurer to back the pool by removing information from a report showing underwriting and compliance problems with the loans in the pool. JPM denied the allegations last year in an answer to the complaint.
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